What catches your attention best – ‘fixer’ or ‘move-in ready’? At opposite ends of the scale, these two options have very different audiences. Both audiences require different levels of home preparation to garner interest.
CONDITION
Move-in Ready – functionally sound, and cosmetically appealing
Fixer – usually implies deferred maintenance, visibly worn and often outdated
PRICING
Move-in Ready – will command more interest but comes at a higher price
Fixer – there is a significant market for fixers, from buyers with limited funds to investors. And a bargain price is expected, but depending on inventory levels, not always as low as buyers hope.
So as you consider your objectives in selling your home, does yours fall into one of these categories? If so, consider your time and budget.
BUDGET
If you have money set aside to invest in the house for home preparation, great. More than likely you will re-coup those costs, as most buyers prefer a move-in-ready home. In a high inventory market, presenting your house for sale in “move-in ready” condition will put you in a better position to actually sell it rather than have it languish on the market, potentially enduring price reductions. In a low inventory market, you are likely to attract a significantly larger share of buyers in that particular price range, often resulting in multiple offers with over asking prices. If you decide to invest money in repairs and improvements, schedule an appointment with your Realtor to do a walk-through and advise. Many homeowners I talk to get overwhelmed with the task at hand, and aren’t sure which things are necessary and which are not. Your agent can help you with:
TIMELINE
Not everyone has the luxury of time when it coms to home preparation. And depending upon circumstances, there can be an emotional burden as well. Some of those factors include:
Is Home Preparation Right for You?
Careful consideration should be given to the emotional and/or financial strain of a lengthy or costly home preparation plan. Investors do this all the time, and make a tidy profit at it. But most homeowners don’t have the time or money to make a full overhaul of a house a practical decision. In cases such as these, again consult with your Realtor. Assessing your home’s current condition in comparison to others in the relative area and size range, will help you determine a price point and level of home prep that will attract buyers willing to purchase that fixer and put in the necessary sweat equity.
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Step 3: Evaluate Your Home Price
